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Jean   Murray

IRS Giving Tax Extensions for Businesses Affected by Hurricane Sandy

By October 31, 2012

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If you have a business that was hit by Hurricane Sandy, I'm so sorry for your loss. But I do have a small piece of good news:

We just got word that the IRS is allowing businesses extra time (until November 7) to prepare payroll tax reports and send in tax payments that are due today, if the business was affected by Hurricane Sandy. To be considered for this extension, the business must be in a declared disaster area. At this writing, parts of 10 states have been declared disaster areas. See the FEMA list of declared disaster areas to see if your county in your state is part of this area.  This is a relief to many businesses who are struggling to complete  quarterly payroll tax reports on Form 941, which are due today.

The IRS says:

This relief [the extension until November 7] primarily applies to businesses whose payroll and excise tax returns and payments are normally due today. No action is required by the taxpayer; this relief is automatic. Regular federal tax deposits are due according to current rules. However, the IRS notes that if taxpayers or tax practitioners receive a penalty notice for this period, they can contact the IRS at the number on the notice to request penalty abatement due to reasonable cause on account of the storm.


For more information from the IRS, see their webpage on disaster assistance (It has not yet been updated to include Hurricane Sandy information, but may be by the time you read this).


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